CBCS symposium on Statistics and Research in Sint Maarten
PHILIPSBURG, Sint Maarten – On May 21, the Centrale Bank van Curaçao en Sint Maarten (CBCS) hosted its second symposium for this year, with a specific focus on Sint Maarten. The “Better Data, Better Decisions’’ symposium placed particular emphasis on the role and importance of data, especially balance of payments statistics, used by the CBCS for research, economic analysis, and policymaking in the monetary union. Through its research, the CBCS aims to foster dialogue and collaboration with the academic community, its regional counterparts, and other key stakeholders.
Small countries often face challenges in collecting accurate and reliable statistics due to limited resources, capacity constraints and vulnerability to external shocks. Sint Maarten is no exception. Compounding this for Sint Maarten is the open border with Saint Martin, which adds further complexity to building a robust and comprehensive statistical system.
The symposium’s purpose, therefore, was threefold. First, to raise awareness of the importance of data and statistics for the CBCS’s work and core tasks. Second, to present findings from its empirical work on Sint Maarten, such as the country’s performance in terms of foreign direct investment inflows and regional integration. And third, to engage with the public in a meaningful exchange that will help the CBCS improve the quality and relevance of both its statistics and its research.
The program featured presentations and panel discussions, with participants representing the government, the business community, and other stakeholders with an interest in improving the country’s data landscape.
In keeping with the spirit of regional integration and better statistics, a highlight of the event was the presence of representatives of the Eastern Caribbean Central Bank (ECCB), including its governor, as well as the regional director of the Institut d’Émission des Départements d’Outre-Mer (IEDOM), to share their experiences and participate in the dialogue.
This was the second in a series of research-focused symposiums scheduled for this year. In January, the CBCS hosted the first symposium in Curaçao, which addressed the critical role of government in the economy. Later this year, in November, the CBCS will host the annual Monetary Studies Conference of the Caribbean Economic Research Team, comprising countries of the Caribbean Community (CARICOM). During this conference, researchers from across the Caribbean will come together to share insights on critical and timely economic topics.
In the meantime, the CBCS is actively working to improve the availability and quality of Sint Maarten’s data landscape through collaboration with key stakeholders and enhancing the compilation of its balance of payments statistics. The CBCS is also in discussions with IEDOM on ways to exchange information and data to better measure cross-border flows and GDP.
In addition, the CBCS aims to strengthen local collaboration with Sint Maarten’s Department of Statistics (STAT) and other key stakeholders to improve not only trade statistics but also real sector data, such as national accounts and inflation figures in the interest of Sint Maarten.
The presentations delivered during the symposium are available on the website of the CBCS: https://www.centralbank.cw/event-calendar/events/symposium-better-data-better-decisions
